SMCX vs. BWET

Last updated Jun 4, 2026

SMCX (Defiance Daily Target 2X Long SMCI ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - SMCX is a Leveraged Equities fund actively managed by Defiance, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. SMCX is actively managed, while BWET is passively managed. Over the past year, SMCX returned -60.96% vs 1800.91% for BWET. At a correlation of -0.14, they often move in opposite directions. SMCX charges 1.29%/yr vs 3.50%/yr for BWET.

Performance

SMCX vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long SMCI ETF (SMCX) and Breakwave Tanker Shipping ETF (BWET). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMCX achieves a 34.65% return, which is significantly lower than BWET's 875.88% return.

SMCX

• 1D: -10.89%
• 1M: 157.98%
• YTD: 34.65%
• 6M: -1.99%
• 1Y: -60.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BWET

• 1D: 4.26%
• 1M: 9.15%
• YTD: 875.88%
• 6M: 735.56%
• 1Y: 1,800.91%
• 3Y*: 129.64%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SMCX vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMCX Defiance Daily Target 2X Long SMCI ETF	34.65%	-69.78%	-89.57%
BWET Breakwave Tanker Shipping ETF	875.88%	96.22%	-35.79%

Correlation

The correlation between SMCX and BWET is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.20
Correlation (All Time) Calculated using the full available price history since Aug 23, 2024	-0.14

Return for Risk

SMCX vs. BWET — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SMCX

SMCX Risk / Return Rank: 8
SMCX Sharpe Ratio Rank: 5
SMCX Sortino Ratio Rank: 12
SMCX Omega Ratio Rank: 12
SMCX Calmar Ratio Rank: 4
SMCX Martin Ratio Rank: 5

BWET

BWET Risk / Return Rank: 99
BWET Sharpe Ratio Rank: 100
BWET Sortino Ratio Rank: 97
BWET Omega Ratio Rank: 97
BWET Calmar Ratio Rank: 100
BWET Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SMCX vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long SMCI ETF (SMCX) and Breakwave Tanker Shipping ETF (BWET). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	SMCX	BWET	Difference
Sharpe ratio Return per unit of total volatility	-0.39	18.57	-18.96
Sortino ratio Return per unit of downside risk	0.43	6.55	-6.13
Omega ratio Gain probability vs. loss probability	1.06	1.96	-0.90
Calmar ratio Return relative to maximum drawdown	-0.64	59.51	-60.15
Martin ratio Return relative to average drawdown	-0.90	158.07	-158.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMCX vs. BWET - Sharpe Ratio Comparison

The current SMCX Sharpe Ratio is -0.39, which is lower than the BWET Sharpe Ratio of 18.57. The chart below compares the historical Sharpe Ratios of SMCX and BWET, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMCX	BWET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.39	18.57	-18.96
Sharpe Ratio (All Time) Calculated using the full available price history	-0.42	1.90	-2.31

Drawdowns

SMCX vs. BWET - Drawdown Comparison

The maximum SMCX drawdown since its inception was -99.02%, which is greater than BWET's maximum drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for SMCX and BWET.

Drawdown Indicators

	SMCX	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-99.02%	-56.90%	-42.12%
Max Drawdown (1Y) Largest decline over 1 year	-94.75%	-30.64%	-64.11%
Max Drawdown (3Y) Largest decline over 3 years	—	-56.90%	—
Current Drawdown Current decline from peak	-95.87%	-11.29%	-84.58%
Average Drawdown Average peak-to-trough decline	-87.27%	-24.09%	-63.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	67.77%	11.51%	+56.26%

Volatility

SMCX vs. BWET - Volatility Comparison

Defiance Daily Target 2X Long SMCI ETF (SMCX) has a higher volatility of 57.58% compared to Breakwave Tanker Shipping ETF (BWET) at 33.96%. This indicates that SMCX's price experiences larger fluctuations and is considered to be riskier than BWET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMCX	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	57.58%	33.96%	+23.62%
Volatility (6M) Calculated over the trailing 6-month period	149.68%	88.49%	+61.19%
Volatility (1Y) Calculated over the trailing 1-year period	157.25%	98.35%	+58.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	199.87%	70.45%	+129.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	199.87%	70.45%	+129.42%

SMCX vs. BWET - Expense Ratio Comparison

SMCX has a 1.29% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

SMCX vs. BWET - Dividend Comparison

SMCX's dividend yield for the trailing twelve months is around 3.26%, while BWET has not paid dividends to shareholders.

Position	TTM	2025
BWET Breakwave Tanker Shipping ETF	0.00%	0.00%
SMCX Defiance Daily Target 2X Long SMCI ETF	3.26%	4.39%

Frequently Asked Questions

Can I hold both SMCX and BWET in my portfolio?

SMCX and BWET have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMCX or BWET?

SMCX has higher volatility (57.58%) compared to BWET (33.96%). In terms of maximum drawdown, SMCX dropped -99.02% vs BWET's -56.90%.

Which ETF is better, SMCX or BWET?

On 1-year performance, BWET leads with 1800.91% vs -60.96% for SMCX. On fees, SMCX is cheaper at 1.29% per year. On volatility, BWET has been the lower-risk option at 33.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMCX or BWET?

Over the 1-year period, BWET has performed better with a 1800.91% return vs -60.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMCX or BWET?

SMCX is cheaper with a 1.29% expense ratio, compared with 3.50% for BWET.

Which ETF pays a higher dividend yield, SMCX or BWET?

SMCX has the higher dividend yield at 3.26%, compared with 0.00% for BWET.

What is the main difference between SMCX and BWET?

SMCX is categorized as Leveraged Equities, while BWET is Commodities. They also come from different issuers: Defiance and Amplify. Their fees differ too: 1.29% for SMCX and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (18.57 vs -0.39), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.